Regression results
| ROA | ROE | Tobins' Q | Stock return | |
|---|---|---|---|---|
| B_SIZE | 0.000427*** (0.009) | 0.00159 (0.119) | −0.0121 (0.301) | −0.00683* (0.068) |
| B_IDP | −0.00190*** (0.001) | 0.00278 (0.425) | −0.118*** (0.004) | 0.0486*** (0.000) |
| FEM_DIRECT | −0.000752 (0.101) | −0.00748*** (0.010) | −0.0246 (0.455) | 0.00570 (0.588) |
| FAM_DUAL | 0.00308** (0.049) | −0.0106 (0.279) | −0.0356 (0.752) | −0.0650* (0.071) |
| BOARD_DILIGENCE | 0.000206*** (0.011) | −0.000268 (0.593) | 0.00510 (0.377) | −0.00175 (0.342) |
| AC_SIZE | 0.000190 (0.789) | −0.00501 (0.261) | −0.152*** (0.003) | 0.0222 (0.174) |
| AC_COMP | −0.000638 (0.321) | −0.00466 (0.248) | −0.0232 (0.617) | 0.0220 (0.137) |
| AC_DILIGENCE | −0.0000760 (0.365) | −0.000970* (0.066) | 0.00198 (0.744) | −0.00264 (0.172) |
| AC_HEAD | 0.00213 (0.142) | 0.00944 (0.298) | −0.520*** (0.000) | −0.256*** (0.000) |
| Log_Asset | 0.0113*** (0.000) | 0.00943 (0.160) | 0.372*** (0.000) | 0.0538** (0.030) |
| Age | −0.000416*** (0.000) | −0.00122*** (0.006) | −0.00546 (0.280) | −0.00245 (0.129) |
| Constant | −0.285*** (0.000) | −0.0958 (0.560) | −7.132*** (0.000) | −1.769*** (0.004) |
| Observations | 210 | 210 | 210 | 210 |
| Adjusted R2 | 0.468 | 0.095 | 0.219 | 0.426 |
| ROA | ROE | Tobins' | Stock return | |
|---|---|---|---|---|
| B_SIZE | 0.000427*** (0.009) | 0.00159 (0.119) | −0.0121 (0.301) | −0.00683* (0.068) |
| B_IDP | −0.00190*** (0.001) | 0.00278 (0.425) | −0.118*** (0.004) | 0.0486*** (0.000) |
| FEM_DIRECT | −0.000752 (0.101) | −0.00748*** (0.010) | −0.0246 (0.455) | 0.00570 (0.588) |
| FAM_DUAL | 0.00308** (0.049) | −0.0106 (0.279) | −0.0356 (0.752) | −0.0650* (0.071) |
| BOARD_DILIGENCE | 0.000206*** (0.011) | −0.000268 (0.593) | 0.00510 (0.377) | −0.00175 (0.342) |
| AC_SIZE | 0.000190 (0.789) | −0.00501 (0.261) | −0.152*** (0.003) | 0.0222 (0.174) |
| AC_COMP | −0.000638 (0.321) | −0.00466 (0.248) | −0.0232 (0.617) | 0.0220 (0.137) |
| AC_DILIGENCE | −0.0000760 (0.365) | −0.000970* (0.066) | 0.00198 (0.744) | −0.00264 (0.172) |
| AC_HEAD | 0.00213 (0.142) | 0.00944 (0.298) | −0.520*** (0.000) | −0.256*** (0.000) |
| Log_Asset | 0.0113*** (0.000) | 0.00943 (0.160) | 0.372*** (0.000) | 0.0538** (0.030) |
| Age | −0.000416*** (0.000) | −0.00122*** (0.006) | −0.00546 (0.280) | −0.00245 (0.129) |
| Constant | −0.285*** (0.000) | −0.0958 (0.560) | −7.132*** (0.000) | −1.769*** (0.004) |
| Observations | 210 | 210 | 210 | 210 |
| Adjusted | 0.468 | 0.095 | 0.219 | 0.426 |
Note(s): ***, **, and * mean significance at 1, 5, and 10%, respectively. p-value (in parentheses)